Which type of Term insurance may be renewable?

Level term insurance is designed to provide a consistent death benefit over the life of the policy, making it a popular choice among individuals seeking predictable insurance coverage. One of the key features of level term insurance is that it often includes a renewal option, allowing the policyholder to renew the coverage for an additional term once the original term expires, typically without needing to undergo a medical examination. This provides flexibility and continuity of coverage for individuals who may still require life insurance but could face changes in health that complicate obtaining new coverage.

In contrast, increasing term insurance generally provides a rising death benefit over time and may not have the same focus on renewability; its structure is more fixed and often tied to specific financial needs that vary. Decreasing term insurance is designed to provide a decreasing death benefit - often aligned with a mortgage or other debt - and typically does not provide a renewability feature, as its primary purpose is to match decreasing liabilities. Adjustable term insurance, while offering some flexibility in premium or coverage amounts, can differ significantly in its terms depending on the insurer and does not typically focus on renewability in the same way that level term insurance does.

This underscores why level term insurance is notably recognized for its renewability, making it an attractive option for those looking